Self-employed professionals, particularly those who hire the most workers, are employing fewer individuals. According to data compiled by the Bureau of Labor Statistics and published by Forbes, the number of self-employed professionals who work alone has barely wavered since 2000. But among the self-employed workers who employ others, numbers are declining sharply.
Employing Others
The self-employed may employ others on a full-time, part-time or temporary basis. All entrepreneurs and business owners, from the mom who works at home making jewelry to the chef who started his own restaurant, may hire others to help them with their work load. Those self-employed professionals who hire the most workers have experienced the sharpest decline in hiring during the last decade. Business owners hiring one to four employees and those hiring more than four workers both saw the biggest drop from 2000.
Independent contractors, freelancers, can be temporary or permanent employees who receive payment upon the completion of jobs. Income, state and federal taxes are not deducted from the monies these professionals receive from employers; they, too, are self-employed and responsible for paying their own taxes. It is a common practice for the self-employed to hire other self-employed professionals, though some business owners may establish companies that provide more traditional employment for others. Many self-employed professionals are job creators.
But with or without the tax complications, self-employed professionals are finding it harder to employ others. The declining numbers of the last decade could be a mere reflection of the steady financial downtown that marks the era. It’s difficult for the self-employed to think of employing others when they’re having trouble finding enough jobs and opportunities for themselves. When work is scarce, consider branching out and trying new venues in order to pursue new paths to profit.
Self-Employment Opportunities
Self-employment constantly changes, like everything else. The shifting landscape of the Internet and the changing economic climate gives rise to certain trends. A single Google update may change the career course of thousands of online writers; the popularity of Facebook changed advertising for a thousand different retail outlets. Sometimes, the well of opportunity runs a little dry in one particular career field or another. Self-employed professionals can seek new opportunities by exploring different career paths.
Web sites like Etsy and eBay provide lots of selling opportunities. Scour attics, yard sales and consignment shops for antiques and other items that may be profitably auctioned off online. Crafty individuals may make artwork, floral arrangements, clothing and any number of handmade items which may be sold on Etsy. Professionals who work at home may find opportunity in the form of companies looking to hire customer service, technical support and sales agents. Supplement normal self-employment income when the normal opportunities don’t yield the expected results; to stay successful, self-employed professionals need a little flexibility.
KC Morgan - KC Morgan has been the featured writer in Self-Employment since 2006, using personal experience to create guides to being self-employed.
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